兴业证券：保险股估值处于相对合理位置

Group 1 - The core viewpoint is that the insurance sector is favored, focusing on companies with stable performance and strong dividend insurance sales capabilities [1] - Insurance stocks are currently valued at a relatively reasonable level, and if the equity market improves, they may perform well as a strong beta sector [2] - There are three catalysts that could further open up valuation space: long-term interest rates and equity market performance, optimization of insurance companies' asset structures, and dividend insurance sales [2] Group 2 - There is potential for dividend insurance sales to exceed expectations, which could become an important support for insurance valuation recovery [3] - Recommended companies to focus on include China Ping An, China Pacific Insurance, and New China Life Insurance [4]